L&G and Schroders commit to the €272 mln regeneration of Bracknell (UK)

The Bracknell Regeneration Partnership, a 50:50 joint venture between Legal & General Capital and Schroder UK Property Fund (“SPF”), together with Bracknell Forest Council, announced that they have gone unconditional on the major development of the Northern Retail Quarter. This news paves the way for construction to commence in Spring 2015.
BRP will regenerate Bracknell Town Centre and provide new retail, leisure and residential developments, within landscaped public spaces. The development’s principle occupiers will be Fenwick, Marks & Spencer, Primark and a 12 screen Cineworld multiplex, in addition to the existing highly successful Waitrose supermarket. The regeneration will begin this Spring and will be completed by Spring 2017.
Paul Stanworth, Managing Director of Legal & General Capital, said: “Legal & General wants to regenerate cities and towns across the UK, and this announcement shows what can be done in partnership with a forward thinking Council and a committed partner with shared aims and values. The UK is a great place to invest, pension funds and sovereign wealth funds want to invest here in infrastructure, direct investments and property.”
The new development in the north of Bracknell Town Centre will comprise a total of 580,000 ft² (53,883 m²) of new retail and leisure space, supported by a 1,300 space multi-storey car park and landscaped public spaces. In addition, Eagle House, a vacant eight-storey office block, will be converted to a 92 unit residential scheme.
Over 53% of the scheme has already been pre-let or delivered, with retailers including a new 80,000 sq ft Fenwick store, Marks & Spencer, Primark, Waitrose and H&M. Cineworld has also committed to a new 12-screen cinema, and eight quality, family friendly restaurants have agreed to take space, including Carluccios, Zizzi, Coast to Coast, Gourmet Burger Kitchen, Pizza Express, Nando’s and Las Iguanas.
CBRE and Lunson Mitchenall are letting agents for BRP.
Source: L&G